Eqalis Cannabis-Based Ingredient Successfully Verified

Cannasouth Limited, (NZX:CBD), is pleased to announce that Eqalis Pharmaceuticals Ltd's' first cannabis-based ingredient has been successfully verified by the Medicinal Cannabis Agency (Agency) as meeting the New Zealand minimum quality standard. This achievement allows for local and export ingredient sales and is key to verifying future medicinal cannabis products. On 1 June 2023, Cannasouth merged with Eqalis Group, enabling Cannasouth to operate end-to-end with GMP approval for producing dried cannabis flower, as well as manufacturing cannabis-based ingredients and medicinal cannabis products such as oral solutions. CEO Mark Lucas says, "This new product verification is part of the momentum we expected from our merger with Eqalis, leading towards revenue generation. It follows Cannasouth's first commercial export shipment of high-quality dried cannabis flower to Australia this month, and we anticipate confirmation from the Agency soon regarding the verification of Eqalis' two new oral solution products." "Meanwhile, we are progressing flower product applications for the New Zealand market and development for the first of our next-generation medicinal cannabis products. Cannasouth's product development pipeline is based on new drug technologies designed to provide a platform for numerous therapeutic products offering potential for licence opportunities and royalty revenue streams." -ENDS- For further information visit www.cannasouth.co.nz or contact: Mark Lucas CEO / Executive Director Email: mark.lucas@cannasouth.co.nz Mobile: 021 484 649 Colin Foster CFO / Company Secretary Email: colin.foster@cannasouth.co.nz Mobile: 027 577 1498 End CA:00413477 For:CBD Type:MKTUPDTE Time:2023-06-22 09:17:51